PLATINUM-GROUP METALS

(Palladium, platinum, iridium, osmium, rhodium, and ruthenium)

[Data in kilograms of contained platinum-group metals (PGMs) unless otherwise noted]

Domestic Production and Use: One company in Montana produced PGMs with an estimated value of about
$880 million. Small quantities of primary PGMs also were recovered as byproducts of copper-nickel mining in
Michigan; however, this material was sold to foreign companies for refining. The leading domestic use for PGMs was
in catalytic converters to decrease harmful emissions from automobiles. PGMs are also used in catalysts for bulk-
chemical production and petroleum refining; dental and medical devices; electronic applications, such as in computer
hard disks, hybridized integrated circuits, and multilayer ceramic capacitors; glass manufacturing; investment; jewelry;
and laboratory equipment.

Salient Statistics—United States: 2018 2019 2020 2021 2022e

Mine production:1
Palladium 14,300 14,300 14,600 13,700 11,000
Platinum 4,160 4,150 4,200 4,020 3,300
Imports for consumption:2
Palladium 92,900 84,300 76,400 72,600 63,000
Platinum 58,500 42,300 64,800 67,900 56,000
PGM waste and scrap 40,700 35,200 185,000 185,000 49,000
Iridium 1,020 875 1,620 2,310 1,700
Osmium 25 (3) 1 1 —
Rhodium 14,500 15,000 20,700 16,500 13,000
Ruthenium 17,900 11,200 13,900 18,000 15,000
Exports:4
Palladium 52,900 55,500 48,600 43,900 45,000
Platinum 18,900 17,400 28,900 29,400 28,000
PGM waste and scrap 31,700 20,800 33,200 37,800 38,000
Rhodium 2,010 1,210 1,480 1,350 720
Other PGMs 2,500 1,330 1,440 2,180 1,200
Consumption, apparent:5, 6
Palladium 96,300 85,100 80,300 81,400 68,000
Platinum 53,700 37,000 48,200 53,500 42,000
Price, dollars per troy ounce:7
Palladium 1,036.43 1,544.31 2,205.27 2,419.18 2,200
Platinum 882.66 866.94 886.02 1,094.31 980
Iridium 1,293.27 1,485.80 1,633.51 5,158.40 4,700
Rhodium 2,225.30 3,918.78 11,205.06 20,254.10 17,000
Ruthenium 244.41 262.59 271.83 576.12 600
Employment, mine, number 1,242 1,379 1,475 1,598 1,600
Net import reliance6, 8 as a percentage of apparent
consumption:
Palladium 42 34 35 35 26
Platinum 74 67 75 72 66

Recycling: About 110,000 kilograms of palladium and platinum was recovered globally from new and old scrap in
2022, including about 40,000 kilograms of palladium and 11,000 kilograms of platinum recovered from automobile
catalytic converters in the United States.

Import Sources (2018–21): Palladium: Russia, 34%; South Africa, 30%; Italy, 8%, Germany, 8%; and other, 20%.
Platinum: South Africa, 34%; Germany, 18%; Switzerland, 14%; Italy, 7%; and other, 27%.

Tariff: All unwrought and semimanufactured forms of PGMs are imported duty free. See footnotes for specific
Harmonized Tariff Schedule of the United States codes.

Depletion Allowance: 22% (domestic), 14% (foreign).

Prepared by Ruth F. Schulte [(703) 648–4963, rschulte@usgs.gov]

 PLATINUM-GROUP METALS
Government Stockpile:9

FY 2022 FY 2023
Inventory Potential Potential Potential Potential
Material as of 9–30–22 acquisitions disposals acquisitions disposals
Iridium 15 — 15 — 15
Platinum 261 — 261 — 261

Events, Trends, and Issues: Production at a domestic mine continued but was constrained owing to operational
challenges and flooding that took place in June 2022. Production of PGMs in South Africa, the world’s leading
producer of PGM-containing mined material, decreased compared with that in 2021 owing to operational challenges at
some mines, including disruptions to the supply of electricity, temporary closures of processing facilities, and scheduled
maintenance of smelters. A slow economic recovery from coronavirus disease 2019 (COVID-19) pandemic shutdowns
and declining capital investments also negatively affected production. Constrained automobile production owing to
semiconductor chip shortages, declining diesel passenger vehicle production, inflation, and slow economic growth are
expected to result in decreased demand for palladium, platinum, and rhodium used in catalytic converters. Demand
could be offset, however, by the development of PGM-based proton-exchange membrane fuel cells (also known as
polymer electrolyte membrane fuel cells) used in hydrogen storage and transportation technologies.

The estimated annual average price of ruthenium in 2022 increased by 4% compared with that in 2021, whereas the
estimated prices for rhodium, platinum, palladium, and iridium decreased by 16%, 10%, 9%, and 9%, respectively.

World Mine Production and Reserves:

Mine production PGM reserves10

Palladium Platinum
2021 2022e 2021 2022e
United States 13,700 11,000 4,020 3,300 900,000
Canada 15,000 15,000 6,000 6,000 310,000
Russia e86,000 88,000 e21,000 20,000 5,500,000
South Africa 84,300 80,000 142,000 140,000 63,000,000
Zimbabwe 12,400 12,000 14,700 15,000 1,200,000
Other countries 2,540 2,500 4,270 4,200 NA
World total (rounded) 214,000 210,000 192,000 190,000 70,000,000

World Resources:10 World resources of PGMs are estimated to total more than 100 million kilograms. The largest
resources and reserves are in the Bushveld Complex in South Africa.

Substitutes: Palladium has been substituted for platinum in most gasoline-engine catalytic converters because of the
historically lower price for palladium relative to that of platinum. About 25% of palladium can routinely be substituted
for platinum in diesel catalytic converters; the proportion can be as much as 50% in some applications. For some
industrial end uses, one PGM can substitute for another, but with losses in efficiency.

e
Estimated. NA Not available. — Zero.
1
Estimated from published sources.
2
Includes data for the following Harmonized Tariff Schedule of the United States codes: 7110.11.0010, 7110.11.0020, 7110.11.0050,
7110.19.0000, 7110.21.0000, 7110.29.0000, 7110.31.0000, 7110.39.0000, 7110.41.0010, 7110.41.0020, 7110.41.0030, 7110.49.0010,
7112.92.0000, 7112.92.0100, and 7118.90.0020.
3
Less than ½ unit.
4
Includes data for the following Schedule B codes: 7110.11.0000, 7110.19.0000, 7110.21.0000, 7110.29.0000, 7110.31.0000, 7110.39.0000,
7110.41.0000, 7110.49.0000, 7112.92.0000, and 7112.92.0100.
5
Defined as primary production + secondary production + imports – exports.
6
Excludes imports and (or) exports of waste and scrap.
7
Engelhard Corp. unfabricated metal.
8
Defined as imports – exports.
9
See Appendix B for definitions.
10
See Appendix C for resource and reserve definitions and information concerning data sources.

U.S. Geological Survey, Mineral Commodity Summaries, January 2023